Joint mortgage change

cowsnhope

Hi
I have a joint mortgage with my husband and am trying to find out if I will lose the house if he leaves me (I've reason to believe this may happen).

So, my mortgage is for £140K and my house is worth about £220K, the £80K difference is money that my parents lent me to get onto the housing ladder (I'm not worried that my husband will want part of this). My salary is £15500pa, not enough for me to get a mortgage to cover this on my own. I am able to pay my bills as I have a lodger.

I have a clutching at straws notion in the back of my mind that a mortgage company can't just throw me out if I own a certain percentage of the house - I do not know if this is true or what that percentage is.

Secondly is it possible that my parents could become my joint mortgage partners? They are retired and both in their seventies however they do have money saved and tied up in their house.

If anyone has got any advice I'd be really grateful as I'm worried about this.
Thank you

~Beanie~

I have a clutching at straws notion in the back of my mind that a mortgage company can't just throw me out if I own a certain percentage of the house - I do not know if this is true or what that percentage is.

I think you are definitely clutching at straws here, doesn't matter what percentage you own if its less than 100%, if you don't pay the mortgage they can go for re-possession.

I don't think your parents will be accepted onto a joint mortgage either but hopefully someone more knowledgeable on that will be along shortly.

kingstreet

The status quo here, is you have to do nothing, but continue to pay the mortgage.

It becomes an issue if he wants to be removed from the mortgage/ownership and you approach the lender as you do not earn enough to be allowed the mortgage in your sole name.

You can ask the lender about removing him and adding another party, but they will be vetted according to usual criteria and age, income and outgoings will be determining factors.

cowsnhope

Thank you. I can and will continue to pay the mortgage - my worry is that my husband will probably at some time want to buy again and want out of his mortgage with me - at which point I do not want to lose my home; I do not want this constantly hanging over me.

In terms of my parents being added to the mortgage I do not know how they would be seen as they have no income but do have security in the form of savings and a house. I saw someone on here saying that they had a guarantor on their mortgage - I didn't know such things were possible but have just had a look around the web and it seems like an idea.

Thrugelmir

cowsnhope wrote: »

Thank you. I can and will continue to pay the mortgage - my worry is that my husband will probably at some time want to buy again and want out of his mortgage with me - at which point I do not want to lose my home; I do not want this constantly hanging over me.

To be honest the mortgage is unaffordable on your salary level. So think ahead and be prepared to downsize.

Divorce changes people. Unless there's a legally binding agreement protecting your parents gift. Then it certainly is at risk.

IainHL

I would suggest you need a good divorce lawyer!

You seem to be expecting him to leave you, and for there to eventually be a divorce, but you have not said why you think that (nor am I asking you). However should the fault in this be with him a possible scenario would be for him to pay off (at least) his half share in the mortgage, and make no claim on your parents' gift. In return you may concede to make no claim on his pension. In fact if such a concession is worth a lot you might even hold out for him to discharge more than half the outstanding mortgage.

All of these specifics can be talked over in private with your solicitor.

cowsnhope

The fault is with my husband - he would agree with this, we still get on fine and I really do not believe that he will make any attempt to get my parents money - that is not the issue here, the problem is what will happen eventually when he wants to buy his own place as then he would need to come out of the joint mortgage with me and I can hardly expect him to rent so that I don't have to.

We have an interest only mortgage and have only paid the interest, the house has not gone up in value, therefore all the money in the house is mine and he is not asking for a penny of it. Neither of us have a pension - the house was supposed to be a bit of security for our future. My husband only earns about £20K and can not afford to buy me out ( I was the main wage earner when we got the mortgage), nor would I expect him to, he's not actually done anything wrong other than breaking his marriage vows. I am going to be in a worse position than I was before I married him as I was independently on the property ladder then and its looking like I won't be when all this is over; I am angry with him about this but certainly not enough to expect him to give me money he doesn't have. I just want to be able to take over the mortgage which I am able to pay but not able to borrow.

Just a thought - does anyone know if income for lodgers can be used when getting a mortgage?
Thank you all

ethank

cowsnhope wrote: »

We have an interest only mortgage and have only paid the interest, the house has not gone up in value, therefore all the money in the house is mine and he is not asking for a penny of it. Neither of us have a pension - the house was supposed to be a bit of security for our future.

Awful news that you think your relationship will break down.

I don't want to worry you, but what is your plan for repaying the capital on the mortgage? If you are only paying the interest and the house is static in value, whilst cost of living goes up, your £80k equity is slowly eroding. You need to have a plan. Is it worth selling and getting your equity out now?

cowsnhope

Thank you ethank.
We brought the house at a little over market value, the rest of the street has probably gone up in value and I'm hoping that this house will catch up - especially in the long term (if I'm still here). As for repaying the mortgage - this is awful but it is very likely that one day I'll inherit enough to pay it off - if not I'll sell and move to a cheaper part of the country - I'm considering doing that now as I can't buy here but I don't want to move away from my friends or my job if I can avoid it.

ethank

You will probably need your friends and your job to help you through this. Wish you all the best.

cowsnhope

Thank you ethank